How Do I Purchase This HUD Home?
ok here goes: about two months ago I saw a property in my neighborhood that was vacant......this is a house that I've have longed to own (for my own use) for several years now.....well when i noticed it vacant, I exhausted every method i could in locating the owner, but to no avail......one day I went by the house (as I had been doing for several weeks just to see if i could catch someone there or a sign in the yard) and there was a guy there.....(some type of inspector or something).....he told me that the house would be for sale in about 30 days, and he didn't usually come out to houses unless HUD had the papers on them....so my question for you experts is:....when the house finally comes available, how do I go about purchasing it with "no money down"?....and am i understanding you guys correctly that once you've purchased a home "creatively" , you can go out and get a "traditional" loan on the home itself regardless of past credit, etc.?....please help me out with this one......post here or send private messages to my mailbox....thanks guys (& gals)
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rbw4,
HUD homes are sold through a local HUD certified realtor. When the house becomes available, it will be listed in the MLS & HUD's web site. You can call the listing agent or use your own agent as long as he/she has an active NAID number. You will submit a bid, including costs you expect HUD to pay for. Based on your offer price, HUD will accept or reject your bid. If you bid is accepted, it will be among the offers HUD will choose from when the auction closes. Typically, they select the offer that nets them the most money.
You can get all the information you need on HUD homes in TX at:
http://paris.towerauction.net/fp2/tx/
If you need additional information, let me know.
-Chris
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